How To Make Money As An Accountant

How To Make Money As An Accountant

It is unfortunate that accountants across the world spend thousands of dollars on getting a degree from University or college and professional accounting qualifications just to struggle to get a job after graduation.

This should be different if you are equipped with the necessary skills for accounting. What is the benefit of acquiring so much knowledge about accounting and business when you can't start up one and make money through it?

As a professional accountant, it is easy to transform your accounting training and qualifications into a full-time income stream where you will make money even while asleep.

In this article, I will explain the various ways to make money as a CPA. These ways could be either online or offline. Since we are in a digital age, every accountant should be familiar with accounting software and have at least an intermediate knowledge of how to use social media.

10 Ways To Make Money As An Accountant

The 10 ways to make money as a CPA include:

1. Selling your accounting knowledge online

Nowadays, some technologies and tools have made it easy to sell your knowledge and get paid. There are different websites to sell your accounting knowledge, but the most popular is fiverr.

At first, you will struggle to get clients, just like every other online and offline business. However, as you build your portfolio and increase your stage, clients will start contacting you themselves.

One of the disadvantages of using Fiverr to sell your accounting knowledge is that most clients on the platform are only willing to pay as low as $5 for your knowledge, irrespective of the efforts needed to put it together.

2. Promoting affiliate products or templates

Affiliate marketing is becoming more popular, and businesses are taking advantage of this marketing strategy to get customers and increase sales. Accountants are not left out. There are several types of accounting software that you can promote and sell online and make money without owning the products.

Accounting software programs, such as FreshBooks, Zoho, NetSuite ERP, Gusto, Sage 50, QuickBooks Online, etc, offer affiliating marketing opportunities to their customers to make extra money. To do this, visit their website and sign up for their affiliate marketing program, and start promoting their product.

You can make thousands of dollars weekly by promoting other people's products on affiliate websites such as clickbank, expertnaire, etc.

3. Prepare excel template and sell online

Excel is an important business tool. There are some businesses that can't work without this Microsoft package. Why not take advantage and make money?

If you are an expert and an advanced excel user, then you can create useful templates, such as bank reconciliation excel template and excel PAYEE template, and sell them online. This can be difficult in the beginning, since you will be competing with excel pros with several years of experience.

4. Take up a full-time accounting job

This is the dream of every aspiring accountant. Go to University, graduate and get a full-time job with the big 4 accounting firms or any local chartered accounting firm in your state.

The drawback to getting a full-time accountancy job is that the jobs are limited compared to the number of graduates. In most cases, the salary is not enough, and you might struggle with the rat race.

The majority of the top accounting firms in the US, UK, Canada, and other countries, where accountants make the most money, hire accountants with several years of experience. This will make recent accounting graduates struggle to get well-paid jobs.

5. Write books and earn royalties

Writing accounting books is one of the ways to make money. You can make thousands of dollars from writing books if you are a good writer with knowledge of accounting. Some options available include writing physical books and selling in bookshops or writing digital books (ebooks) and selling on Amazon and other digital stores.

Furthermore, you can create a membership website with free tools like WordPress, where readers can subscribe and read your books. Your books can be written particularly for students in college and accountants who want to write professional examinations.

6. Become a freelance writer

As a freelance writer, there are several writing opportunities available for you. There are accounting companies that hire freelancers to write articles for their blogs and websites and pay them.

You can get such offers from LinkedIn, Upwork, Fiverr, and other freelance websites. But you have to convince your clients that you can deliver on the job.

There are several niches in the accounting industry to choose from. You can be a tax, bookkeeping, auditing, and finance writer. Depending on your expertise.

7. Starting your accounting practice

Nowadays, businesses want to outsource some of their accounting functions to enable them to focus on other business areas. Why not take advantage of this new trend and start your accounting firm?

Starting your private accounting firm is good if you want to own a business and make money. However, it is the most difficult way to make money as an accountant.

To start your firm, you need several years of experience and a practice license. Also, you must be a chartered accountant to enable you to sign financial statements and tax reports. The license depends on the body regulating accounting in your country.

You also need marketing and publicity to inform the general public about your new business.

8. Starting a blog

The blogging industry is a multi-million dollar industry. Every month, bloggers around the world make millions of dollars by publishing content on their blogs.

You can start blogging on any topic that suits you, but I advise that you use your knowledge of accounting to create an accounting blog, auditing, tax, financial planning, bookkeeping, and other accounting topics.

By owning your personal blog, you don't have to write for other blogs as a freelance writer. Your articles will be published on your blog.

When comparing owning a blog and working as a freelancer, as a blogger, it will take a longer time before you make money from your blog. However, a freelancer makes his first money after landing his first client.

But when you start making money from your blog, you have a higher earning potential compared to a freelance writer. As your blog grows, there are several ways to monetize it, such as:
  1. Through advertising (Google AdSense)
  2. Selling digital products such as ebooks
  3. Offering services
  4. Affiliate marketing

9. Teach accounting

As a CPA or an accountant, your skills are in high demand. Universities and colleges are constantly looking for adjunct lecturers or professors of accounting. If you can incorporate real-world scenarios into your lessons, you will be invaluable.

So, how can you find a position as an adjunct teacher?

Use your networks, get in touch with nearby community institutions, colleges, and universities, and search for job openings on websites like ZipRecruiter and Indeed. Contact the head of department in that school, and ask about adjunct positions.

10. Start a YouTube Channel

If you are a good speaker, an expert on a particular topic, and you are not shy in front of a camera, then you can earn extra income by becoming a YouTuber. A YouTuber is someone who creates content on YouTube.

To start a YouTube channel, sign-in to YouTube with your Gmail account for free and create your channel. Make videos of yourself teaching difficult accounting topics and upload them. You can share your channel with your family members and friends to watch your videos and subscribe.

A popular accounting YouTube channel, Accounting Stuff, has over 365k subscribers and makes videos for new accounting students and professionals without accounting experience. Sara Marie has 60.2k subscribers. She talks about accounting, budgeting, planning, and Etsy.

Conclusion

You visited this blog because you want to know how to make money as an accountant. Everyone wants to make money from their job, irrespective of their profession. For accountants, there are several ways to make money, either working part-time or full-time.

The tips that we shared in this article are enough to help you make extra income. However, knowledge is nothing without application. If you don't apply what you learnt from this article, you will still see yourself struggling to make money and pay bills.

If you are an accountant and you have other ways to make money that are not listed here, feel free to tell us using the comment section below.

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